Plus   Neg

Visa CEO Charles Scharf Gets Total Compensation Of $24.2 Mln In 2013

Payments technology company Visa, Inc. (V) revealed in a regulatory filing on Friday that Chief Executive Officer Charles Scharf received a 2013 total compensation of $24.20 million.

The San Francisco, California-based world's largest payment card processing network revealed this in a definitive proxy statement filed with the U.S. Securities and Exchange Commission on Friday.

Scharf, age 48, took over as the company's CEO in November 2012, succeeded Joseph Saunders. He was als0 appointed as a board member after increasing the size of the board to eleven members from ten. He has more than 25 years of financial services, payments systems and leadership experience. He was also a director of Visa and its predecessor, Visa U.S.A., from 2003 to 2011.

Scharf received a total compensation of $24.20 million, including base salary, stock grants and incentives in 2013.

The total compensation received by Scharf in 2013 includes $0.87 million as base salary, $13.0 million as stock grants, $6.0 million as stock options, $3.57 million as non-equity incentive plan compensation, deferred compensation earnings of $47,310 and all other compensations of 0.71 million.

According to his employment offer, Scharf receives an annual base salary of $950,000 and is eligible to participate in annual incentive plan for fiscal 2013, with a target bonus of 250 percent of his base salary and a maximum bonus opportunity of 500 percent of his base salary. In addition, Scharf is eligible to participate in long-term performance plan with a target value equal to 500 percent of his base salary.

Scharf has also received a one-time make-whole equity award structured in value, form and timing to replicate compensation that he forfeited by leaving his former employer to join Visa. The one-time award totaled $19.0 million, including $13.0 million as stock grants, and $6.0 million as stock options.

Scharf was previously CEO of the retail financial services of J.P. Morgan Chase & Co. (JPM) for seven years from 2004 to 2011.

Meanwhile, the filing also shows a 24 percent year-over-year increase in total 2013 compensation for Chief Financial Officer Byron Pollitt to $7.58 million from last year's $6.11 million.

V closed Friday's regular trading session at $207.36, up $3.92 or 1.93% on a volume of 4.42 million shares.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Comcast Corp. on Thursday reported a 14 percent increase in profit for the first quarter from last year on a double-digit growth in revenues. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues missed their estimates. Total customer relationships increased by 3.6 percent to 30.7 million in the quarter and include net additions of 300,000. French banking major Societe Generale's covered bond vehicle Societe Generale SFH has issued 100-million euros-covered bond as a security token on the Ethereum blockchain. In a statement, the lender said, "obligations de financement de l'habitat" or OFH Tokens, backed by covered bonds, have been rated Aaa / AAA by Moody's and Fitch and have been fully subscribed by the parent. Ford Motor Co. plans to invest $500 million in electric truck maker Rivian, the companies said Wednesday. They will also work together to develop an all-new battery electric vehicle for Ford using Rivian's skateboard platform. Ford's investment comes just months after Rivian revealed two new products, an all-electric pickup and SUV.
Follow RTT